Devon Energy price target lowered to $70 from $80 at Truist

Truist analyst Neal Dingmann lowered the firm’s price target on Devon Energy to $70 from $80 after its Q4 earnings miss but keeps a Buy rating on the shares. The stock underperformed on concerns over FY23 margins as the company’s guidance incorporates continued cost creep, recent near-term infrastructure issues, and flattish production, but while the regional well results will ebb and flow given various pad activity, they should still trend upwards on a longer term basis, the analyst tells investors in a research note.